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UK pound extends slide against buck

Sterling snapped an eight-day winning streak against the US dollar on Monday, with the sell-off picking up by midday in New York.

The pound was off nearly 0.7 per cent to $1.2939 at pixel time. The move came as the US dollar extended its gains on the back of strong US economic data — with the dollar index, a gauge of the buck against a basket of six peers, up 0.5 per cent. Sterling also slid against 0.1 per cent to €1.1385.

The pound had already begun its fall earlier in the day after data showed that UK manufacturing slid to a 3-month low in June.